April 2 (SeeNews) - Croatia's distributor of fast-moving consumer goods Atlantic Grupa [ZSE:ATGR] has sold its sports and functional food business including brands such as Multipower, Champ and Multaben, to Germany's Genuport, continuing with the disinvestment of non-core operations, Atlantic said on Tuesday.
Previously, Atlantic Grupa sold its sports and functional food’s production facilities to Belgium's Aminolabs, the company said in a filing to the Zagreb Stock Exchange (ZSE).
"We believe that Genuport will continue to develop the brands with a long tradition in a focused and committed manner, and that, by applying the knowledge it holds when it comes to distribution, it will position itself even better in this fast-growing market segment“, Neven Vrankovic, vice president for corporate activities at Atlantic Grupa said.
The price of the deal was not disclosed.
In 2018, the business segment of sports and functional foods recorded sales of 133.7 million kuna ($20.1 million/18 million euro) and made up 2.5% of Atlantic Grupa's total sales, the company said in the filing.
Atlantic Grupa said last month its net profit after minority interests fell 11.5% year-on-year to 244 million kuna in 2018, as total sales revenue edged up 0.5% to 5.33 billion kuna.
The company's shares traded at 1,130 kuna on the ZSE by 12:00 CET on Tuesday, down 0.88%.
Genuport is one of the leading German distribution companies with a long reference list of partner companies such as Wander, Mondelez, Snyder's Lance, Weetabix and many more.
(1 euro = 7.43078 kuna)